EUR/USD: This market went bearish on Wednesday – just in the opposite direction with USD/CHF which moved upwards that day. The bearish movement of the EUR/USD pair was not that significant. Therefore, the market cannot be really bearish unless the price goes below the support line at 1.1200, which will require a strong selling pressure.
USD/CHF: The USD/CHF pair broke upwards by over 100 pips yesterday, causing a new bullish signal to form in the market. There is now an attractive bullish confirmation pattern on the 4-hour chart. Right now, the price is above the support level at 0.9700, and it can reach the resistance levels at 0.9750 and 0.9800 before the end of this week.
GBP/USD: This trading instrument merely consolidated on Wednesday as the price stayed between the accumulation territory at 1.4350 and the distribution territory at 1.4400 - all in the context of an uptrend. Further northwards movement is expected which is likely to come in form of a breakout today. The bulls may easily push the price towards the distribution territory at 1.4450. Some fundamental figures are expected today and they would have impact on the market.
USD/JPY: This pair was able to continue the bullish movement it started at the beginning of this week. The price has moved upwards by 180 pips, threatening to the recent bearish outlook on the pair, and further bullish movement by 100 pips will result in an invalidation of the recent bearish outlook, for the EMA 11 would have crossed the EMA 56 to the upside by then. The RSI with the period 14 is already above the level 50.
EUR/JPY: It is rational to say there is now a "buy" signal on this cross. The EMA 11 has crossed the EMA 56 to the upside and the RSI with the period 14 has crossed the level 50 to the upside. Thus, the price can continue going upwards, attaining the supply levels at 124.50 and 125.00.
